HUB24 inflows slow in Q4
HUB24 has published its Q4 results for the FY22–23, reporting a 14.6 per cent decrease in platform net inflows.
Net inflows to platforms during the quarter were $2.1 billion, down 14 per cent on the prior corresponding period.
Total funds under administration (FUA) were $80.3 billion, up from $76.9 billion in Q3, comprising platform FUA of $62.7 billion and portfolio, administration and reporting services (PARS) FUA of $17.6 billion.
The platform FUA included positive market movements of $1.2 billion for the quarter.
During the quarter, the number of PARS accounts rose by 1.1 per cent to 8,154.
Looking at advisers, the firm said the total number of advisers using the platform increased 15 per cent in the prior corresponding period to 4,011 during the quarter. Some 28 distribution agreements have been signed, including opportunities with multiple large boutique advice practices.
This is where HUB24’s product solutions and customer service propositions are most resonant with licensees and advisers, it said.
“HUB24 has continued to achieve solid results delivering $2.1 billion of net inflows for the quarter (down 14.7 per cent on pcp) in the context of economic uncertainty impacting on investor sentiment. This is resulting in softer flows across the market particularly into IDPS [Investor Directed Portfolio Service] and the increased use of off-platform term deposits.
“Superannuation flows continue to be strong, being less impacted by the economic cycle.”
The number of accounts across Class Super, Class Portfolio and Class Trust increased during the quarter to 202,149, an increase of 1.9 per cent on the pcp.
HUB24 also confirmed myprosperity is now operating as a business unit within HUB24 and work has begun on delivering an enhanced client portal solution for platform customers which leverages myprosperity technology.
The acquisition is expected to “accelerate HUB24’s platform of future strategy, support our current growth trajectory and strengthen our competitive advantage”.
“Joint discovery sessions have also commenced to identify additional opportunities to leverage the combined capabilities of the group,” it added.
AUTHOR
Laura Dew
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
